Many small business owners are hoping for a calmer year in 2023. Unfortunately, a potential recession and high prices will likely prevent this from happening.
Keep an eye out for these trends.
Technology
One of the most important factors that small business owners should consider when implementing new technology is ensuring that it will make their lives easier.
If you’re planning on selling many products, e-commerce software could help you save a lot of time. A good email marketing program can help you build strong relationships with potential clients. If your business is mainly conducted in person, you should not waste time learning how to use new software.
The rise of artificial intelligence, blockchain, virtual worlds, and augmented reality has caught the attention of many tech-savvy entrepreneurs. As a small business owner, you should be aware of these trends and how they could affect your company. Refrain from adopting all of them unless they meet your needs.
Changing Employee Relationships
The terms “quiet quitting” and “Great Resignation” became popular last year due to people’s post-pandemic feelings about work. The job market is strong, but many employees are reportedly experiencing burnout and fatigue.
According to a study conducted by Microsoft, 87% of workers feel they’re productive, while only 12% of the leaders think their teams are doing well. It’s essential to keep in mind that paranoia can affect your decision-making.
Sustainability
A Deloitte study revealed that customers adopting sustainable lifestyles have increased significantly over the past year. This is partly due to the economic concerns of consumers, as well as environmental issues.
If you’re planning on launching a new product or service, you must demonstrate how you’ve reduced waste and used sustainable packaging. Doing so can help you attract more potential customers.
Inflation
Despite the Federal Reserve’s aggressive actions to stimulate the economy, inflation continues to increase. This can be a significant issue for small businesses as it can lead to the loss of customers. One of the best ways to mitigate this is to be transparent with your customers.
It’s crucial to be prepared for a recession, though it’s still being determined. Before planning on a downturn, reviewing your cash flow and ensuring you have enough money on hand is essential. Doing so can help you maintain a steady cash flow and avoid running out of money.
If the economy worsens, apply for a business credit card to help keep your company afloat. Although it’s not ideal, it can help weather short-term cash flow issues. Some entrepreneurs prefer to use a credit card rather than a business loan.
Video
According to a study conducted by Insider Intelligence, over 60% of Gen Z use TikTok, while Instagram continues to be incredibly popular. It’s important to prioritize the platforms that your customers are most likely to use.
Videos are becoming more popular on various social media platforms. They allow people to spend more time on pages, making them more likely to engage with content. You can condense a lot of information with video, which is why they’re a great way to build a brand.
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In 2023, businesses will need to be more adaptable and agile to survive. One of the most critical factors you should consider is communicating with your customers and employees about the current situation. Doing so can help you maintain a positive relationship with them, even during difficult times.